The Q4 2024 Global Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE) reveals that the global hotel construction pipeline continues its upward trajectory, reaching a new all-time high project count with 15,820 projects/2,438,189 rooms, a 4 per cent increase in projects and a 3 per cent increase in rooms year-over-year (YOY).
There are 6,231 projects/1,098,620 rooms currently under construction worldwide at Q4 2024, up 1 per cent by projects YOY. Projects scheduled to start construction in the next 12 months stand at 3,872 projects/539,054 rooms, also up 1 per cent by projects YOY. Projects in the early planning stage have reached record highs, standing at 5,717 projects/800,515 rooms, showing significant growth with a 10 per cent increase in projects and a 9 per cent increase in rooms YOY.
The top countries by project count continue to be led by the United States, which reached a new all-time high project count of 6,378 projects/746,986 rooms, up 7 per cent and 8 per cent respectively YOY. China follows with 3,779 projects/681,915 rooms. The United States represents 40 per cent of the projects in the total global pipeline, while China accounts for 24 per cent, resulting in 64 per cent of all global projects in these two countries. Notable growth is seen in India, which reached record highs with 693 projects/87,512 rooms, showing remarkable increases of 35% in projects and 43% in rooms YOY. Canada follows with record highs of 333 projects/43,413 rooms, and Saudi Arabia with 316 projects/83,275 rooms.
The U.S. markets with the greatest number of projects in the hotel construction pipeline have also achieved new milestones. Dallas leads with record highs of 204 projects/23,669 rooms. Atlanta follows with an all-time high of 168 projects/19,431 rooms. Next are the international cities of Chengdu which ranks third with 141 projects/25,180 rooms, followed by Shanghai with 133 projects/24,529 rooms, and the Nashville market reached new highs with 130 projects/17,029 rooms.
During 2024, 2,226 new hotels opened worldwide, accounting for 317,608 rooms, representing a 7 per cent increase in new hotel openings YOY. In the fourth quarter, 486 hotels with 74,048 rooms opened. LE analysts forecast 2,815 new hotels/429,639 rooms to open in 2025, followed by 2,820 new hotels/419,151 rooms in 2026.
Canada’s hotel investment market saw significant growth in 2024, with total transaction volume reaching $2.0 billion, a 16 per cent year-over-year increase, according to Colliers’ INNvestment Canada Hotel Report Q4…
Ruby Dhalla, a former member of parliament for Brampton—Springdale, has officially entered the race for the leadership of the Liberal Party of Canada. If successful, she would make history as the first woman of Indian…
Elie Sassine has joined W Toronto as general manager. He most recently comes from St. Regis Hotels & Resorts, Toronto. Before that, Sassine held senior roles at The Ritz-Carlton Hotel Company, Marriott…
Hotel Equities, the hospitality ownership, management, and development firm, has announced new leadership appointments and several promotions within its organization.
